Provisional Q4 German GDP

German real GDP fell by 0.5% in Q4 (provisional) and grew by 0.7% as a whole over 2012.  Exports were key to the +vely meagre growth rate, producing 1.1% (provisional) of real GDP growth which offset a negative 0.3% (provisional) contribution from the domestic economy. 


  • Dividing provisional real GDP by the number of people employed sees a negative growth rate of 0.3% for 2012 over 2011.  
  • Gross fixed capital formation over the last 4 years has been negative and decidedly so if we exclude construction components. 
  • Machinery and equipment capital formation as of Q3 2012 (index level 105.73) was still some way below the 109.42 level noted as of Q4 2004, the 118.7 of Q4 2005 and the 143.74 of Q4 2007.
  • The growth rate of exports has fallen in 2012 to 4.1% (provisional), with recent data (seasonal and calendar adjustments) showing exports falling 5.6% August to November. 

All data from the Federal Statistics Office.

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